First Read: China Industrials "Shipping supply chain weekly: trade flows..."

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First Read: China Industrials "Shipping supply chain weekly: trade flows..."

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First Read

EquitiesChina Industrials

Shipping supply chain weekly: trade flows, China

freight and Hormuz updates (week 23) Industrial

Robin Xu

Analyst

bin.xu@ubs.com

Key highlights from high-frequency data +86-21-3866 8872

We compile weekly data from UBS Evidence Lab, the Ministry of Transport and other Zed Sheng

third-party data providers to track the latest trade flows across shipping, shipbuilding Analyst

and ports. S1460525030003

zed.sheng@ubs.com

BDI & earnings of bulker and new build price remained elevated +86-21-3866 8730

The bulker market softened last week, with BDI down 7% WoW and average earnings Cristian Nedelcu, CFA

of capesize bulker down 15% WoW, but BDI has still recorded a 61% rally YTD. The Analyst

shipbuilding newbuild price index remained flattish WoW last week, and YTD cristian.nedelcu@ubs.com

+44-20-7568 4375contracted VLCC new build order has now reached 127 units, with the VLCC orderbook

now totalling over 220 ships or 30% of the fleet. William Deng

Economist

Transpacific container shipping volume remains firm william-w.deng@ubs.com

+852-2971 6765

Container throughput at key ports in China declined 4% WoW while increasing 5% YoY

last week. Amid a pick-up in shipping demand, main lane freight rates saw further gains: Xin Chen

Analystoverall SCFI freight rates increased by 6% WoW last week (+22% YoY), with Shanghai-

S1460511050002

Europe +5% WoW and Transpacific +8-10% WoW; Port of LA imports were up 29%

xin.chen@ubs.com

YoY in week 23 and estimated to grow ~13% YoY in week 24. Intra-Asia containership +86-21-3866 8864

chartering index recovered by 0.5% WoW last week. Based on our Maritime Destination